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Trading statements

Topps Tiles sees H1 total and LFL revenues dip

04 April 2017 07:27

Topps Tiles said total revenues for the 26 weeks to 1 April were £106.5m, down from £108.0m, with like-for-like (LFL) revenues falling 1.9%.

"Trading in the second quarter reflected softer market conditions and the group is also reporting against a stronger period from the prior year when housing transactions accelerated ahead of the Stamp Duty changes in April 2016," the company said in a statement.

"Lower sales growth over the first half will primarily be offset by reduced operating expenditure," it added.

"Based on an improving trend across the second quarter and a prudent view of the second half, management expectations for full year profits are within the current range of analyst forecasts."

CEO Matthew Williams said market conditions over Q2 had been tougher, but the business had responded well with tight control of costs.

"While we are taking a prudent view on the outlook for the balance of 2017, an improving trend over the second quarter provides some encouragement," he said.

Williams said Topps Tiles would continue to invest in the business and focus on executing its strategy of 'Out Specialising the Specialists' to extend its market leading position in the second half of the year.

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Related Company: TPT

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